166,429 Shares in 3M (NYSE:MMM) Purchased by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in 3M (NYSE:MMM) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 166,429 shares of the conglomerate’s stock, valued at approximately $21,510,000.

Other large investors have also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV increased its position in shares of 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock worth $694,000 after acquiring an additional 67 shares during the period. Parkside Financial Bank & Trust increased its stake in 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after purchasing an additional 70 shares in the last quarter. Gilbert & Cook Inc. increased its holdings in 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after buying an additional 73 shares during the period. Childress Capital Advisors LLC raised its stake in shares of 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after buying an additional 76 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its holdings in shares of 3M by 5.3% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,519 shares of the conglomerate’s stock valued at $196,000 after purchasing an additional 77 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

3M Stock Down 9.4 %

Shares of NYSE MMM opened at $126.62 on Friday. The firm has a market cap of $68.29 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The firm’s 50 day moving average price is $149.05 and its 200 day moving average price is $138.55. 3M has a 1 year low of $90.17 and a 1 year high of $156.35.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.42 EPS. As a group, sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.31%. 3M’s dividend payout ratio is 38.68%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MMM. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday, March 22nd. Bank of America increased their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lifted their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average target price of $149.13.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.